American Century Companies Inc., an institutional investor, has significantly increased its position in Patterson-UTI Energy Inc. (NASDAQ:PTEN), according to its Form 13F filing with the Securities and Exchange Commission. The company acquired an additional 1,283,518 shares during the first quarter, raising its total holding to 1,512,131 shares. At the end of the quarter, American Century Companies Inc.’s stake in Patterson-UTI Energy was valued at $17,691,000.
This move by American Century Companies Inc. demonstrates a significant vote of confidence in Patterson-UTI Energy’s prospects within the oil and gas industry. It is worth noting that Patterson-UTI Energy is engaged in providing onshore contract drilling services to major oil and gas companies. As a result of this investment, American Century Companies Inc. now owns approximately 0.73% of Patterson-UTI Energy.
Analysts have been closely monitoring PTEN shares as well. Recently, Barclays reduced its price target from $19 to $16 per share in a research report issued on June 8th. In another research note published on July 19th, Benchmark upgraded Patterson-UTI Energy’s rating from “hold” to “buy”. Citigroup also gave a “neutral” rating on PTEN stock while boosting its price objective from $13 to $15 per share.
On Bloomberg.com data shows that three analysts have rated the stock as “hold,” six as “buy,” and one has assigned a strong buy rating to PTEN shares. The average price target for the stock is $16.57.
As at September 2nd, PTEN opened at $14.14 per share on NASDAQ. Over the past year, the stock has traded between a low of $9.70 and a high of $19.81. With a market capitalization of $2.94 billion and a price-to-earnings (PE) ratio of 8.84, PTEN seems an attractive investment option in the current market.
In summary, American Century Companies Inc.’s decision to increase its stake in Patterson-UTI Energy reflects its confidence in the company’s future prospects within the oil and gas industry. Analysts have also provided positive ratings and price targets for PTEN, further supporting its potential for growth. As always, investors should conduct their own research and analysis before making any investment decisions.
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Institutional Investors Increase Holdings in Patterson-UTI Energy, Insider Trading Raises Questions
September 2, 2023 – Patterson-UTI Energy, a major player in the oil and gas industry, has seen several large investors modify their holdings of the company. Arcadia Investment Management Corp MI increased its stake in shares of Patterson-UTI Energy by an astonishing 1,000.0% in the first quarter. This significant increase saw Arcadia Investment Management Corp MI now owning 2,200 shares valued at $26,000 after purchasing an additional 2,000 shares in the last quarter.
Coppell Advisory Solutions Corp also acquired a new stake in Patterson-UTI Energy during the fourth quarter valued at approximately $47,000. Meanwhile, Archer Investment Corp entered into shares of Patterson-UTI Energy during the first quarter worth around $49,000. Additionally, Ronald Blue Trust Inc. lifted its position in shares of Patterson-UTI Energy by 44.7% during the same quarter and ended up with 3,191 shares valued at $54,000.
These moves by institutional investors and hedge funds reflect an increasing level of interest and confidence in Patterson-UTI Energy as a viable investment option within the industry. Furthermore, CI Investments Inc., another investment firm recognized for its capital allocation acumen acquired a new stake in Patterson-UTI Energy during the fourth quarter worth an impressive $68,000.
It is worth noting that institutional investors and hedge funds currently own a staggering 97.91% of the company’s stock which undoubtedly reflects a broad institutional following for this particular energy player.
In another development pertaining to executive insider trading activity within Patterson-UTI Energy; COO James Michael Holcomb recently sold 8,802 shares of the firm’s stock on Tuesday July 25th. The transaction saw these shares sold at an average price of $15.47 per share for a total transaction value amounting to $136,166.94.
The Chief Operating Officer, following this successful sale of shares, is left with 387,925 shares in the company valued at approximately $6,001,199.75. The regulatory filing pertaining to this insider selling transaction can be accessed via an online SEC link.
Adding further intrigue to insider trading activity within the company is news that Patterson-UTI Energy’s CEO William Andrew Hendricks, Jr. sold 200,000 shares of the stock on Tuesday July 18th. These shares were sold at an average price of $14.84 per share which resulted in a total transaction value of $2,968,000.00.
Following this substantial sell-off by the CEO, he now possesses 1,886,874 shares of the company’s stock with a market valuation amounting to $28,001.210.16 as per recent disclosures submitted to SEC filings.
These selling transactions carried out by insiders have collectively seen them offloading a significant sum of company shares in relation to escalating share prices over recent months. To date insiders have sold an accumulated total of 319,564 company stocks valued at $4,665,785 over the course last ninety days.
Given these peculiar developments; it is not unreasonable for investors and analysts alike to baffle themselves with some level of perplexity regarding the intentions behind such moves by both institutional and company insiders.
Amidst all these speculations characterized by ambiguity surrounding stakeholder activity; notable equities analysts have weighed in on Patterson-UTI Energy (PTEN) shares providing some degree of clarity amidst this conundrum.
Barclays for instance reduced their price target on PTEN shares from $19.00 to $16.00 in a third-party research report recently released on Thursday June 8th.
Susquehanna went even further and reduced their target price on Patterson-UTI Energy stock from $15.00 to $13.00 based on comprehensive research they conducted and published on Friday June 2nd of this year.
Benchmark on the other hand upgraded PTEN shares from a “hold” rating to a “buy” rating in a research note released on Wednesday July 19th.
Citigroup, while slightly less optimistic than Benchmark, raised Patterson-UTI Energy’s shares price projection from $13.00 to $15.00 granting the stock with a neutral rating – conducted by their organization’s elite researchers on Tuesday July 18th this year.
Lastly, Morgan Stanley has offered an “overweight” rating for Patterson-UTI Energy shares and has assigned an average calculated price target of $20.00 proving confidence in the potential growth trajectory of PTEN stock as reported to shareholders in proprietary research materials released on Monday July 31st, 2023.
Considering expert opinions from these leading analysts; it can be concluded that Patterson-UTI Energy currently holds a consensus rating of “Moderate Buy” accompanied by an average price target estimate resting at $16.57 per share based on data sourced from Bloomberg.com
Patterson-UTI Energy (NASDAQ:PTEN) issued its latest earnings results on Wednesday July 26th this year. The oil and gas company reported earnings per share (EPS)
